Thousands of people have been barred from using their cash because of the collapse of Wirecard.

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Yahoo Finance catches up with Beyond Meat founder and CEO Ethan Brown.

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On this episode of Yahoo Finance Presents, HP CEO Enrique Lores sat down with Yahoo Finance’s Brian Sozzi to discuss the efforts the company is making during this time of great unrest, including how the company plans to focus on diversity and how it can have an impact.

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Shale oil and natural gas company Chesapeake Energy Corporation (CHK) on Sunday filed for bankruptcy protection proceedings to eliminate its $7 billion debt load and strengthen its balance sheet.The U.S. oil and gas producer said it filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas to facilitate a “comprehensive balance sheet restructuring”.Chesapeake has been grappling with the financial fallout of the oil and gas prices collapse, as the economic downturn tied to the coronavirus impact curtails energy demand.As part of a restructuring agreement, the company has secured $925 million in debtor-in-possession financing from certain lenders under its revolving credit facility, which will be available upon court approval.The financing package will provide Chesapeake with the capital necessary to fund its operations during the court-supervised Chapter 11 reorganization proceedings, it said. In addition, certain lenders under the company's revolving credit facility have also agreed to the principal terms of a $2.5 billion exit financing, consisting of a new $1.75 billion revolving credit facility and a new $750 million term loan.Furthermore, Chesapeake said it has the support of its term loan lenders and secured note holders to backstop a $600 million rights offering upon exiting the Chapter 11 process.“Despite having removed over $20 billion of leverage and financial commitments, we believe this restructuring is necessary for the long-term success and value creation of the business," Chesapeake's President and CEO Doug Lawler said. “By eliminating $7 billion of debt we are positioning Chesapeake to capitalize on our diverse operating platform and proven track record of improving capital and operating efficiencies and technical excellence.”“With these demonstrated strengths, and the benefit of an appropriately sized capital structure, Chesapeake will be uniquely positioned to emerge from the Chapter 11 process as a stronger and more competitive enterprise," Lawler added.The stock dropped 7.3% to $11.85 at the close on Friday. Shares have plunged a whopping 93% year-to-date, with the oil and gas giant reporting a “going concern” warning in its May quarterly financial filing.Unsurprisingly, the stock shows a Strong Sell Street consensus, with 5 Sell ratings. Meanwhile the average analyst price target stands at $5.33, indicating 55% downside potential in the shares over the coming year.Earlier this month Scotiabank analyst Matthew Sorenson noted that if bankruptcy proceedings are forthcoming, about $7 billion in impairment value would need to be overcome before common equity holders received any value for their shares. Sorenson reiterated a Sell rating on the stock. (See Chesapeake stock analysis on TipRanks).Related News: Chesapeake Energy To File For Bankruptcy, Potentially This Week- Report Bankrupt Hertz Tanks 24% Amid Plans To Sell $500 Million In New Shares Bankrupt Hertz Pops 51% In Pre-Market On $1 Billion Share Sale Plan More recent articles from Smarter Analyst: * Coty Spikes 21% In Pre-Market On Kardashian West’s Beauty Line Stake Purchase * Microsoft To Close All Of Its 83 Retail Stores * Facebook Faces More Ad Boycotts From Major Advertisers * GM’s Defense Unit Wins $214.3 Million U.S. Army Contract For Troop Carrier

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(Bloomberg) — Boeing Co. climbed after U.S. aviation regulators said they’d approved a critical set of test flights on the 737 Max to begin as soon as Monday, having reviewed the company’s safety assessment of fixes for the plane.The Federal Aviation Administration confirmed the start of the multiday program in an email to congressional staffers on Sunday.“Over the past several weeks the FAA has been reviewing the system safety assessment submitted by Boeing,” the agency said in the email. “The FAA’s Type Inspection Authorization Board has completed its review, clearing the way for flight certification testing to begin.”Boeing jumped 8.3% to $184.11 before the start of regular trading in New York. The stock had tumbled 48% this year through June 26, the sharpest decline on the Dow Jones Industrial Average.The agency’s action signals that the government is finally comfortable with the multiple fixes that the planemaker has devised for the plane, which has been grounded for more than 15 months after two fatal crashes.Two people briefed on the planning said earlier Sunday that the goal is to begin the tests Monday, but the start is still subject to last-minute delays. Such tests are one of the final stages by the government before it certifies an aircraft.The FAA will have one of its test pilots flying the plane alongside a Boeing pilot. They will be accompanied in the cockpit by an FAA flight-test engineer and a Boeing flight-test manager. Additional specialists will be in the cabin monitoring computerized instrumentation on the plane.“We continue to work diligently on safely returning the 737 Max to service,” Boeing said in a statement Sunday. “We defer to the FAA and global regulators on the process.”Bloomberg News reported Friday that the tests were expected as soon as Monday as the more than 15-month process of making fixes on Boeing’s best-selling plane nears completion.The FAA said in its letter that a number of steps remain before the plane can resume carrying passengers in the U.S., and by extension, elsewhere around the world.“It is important to note, getting to this step does not mean the FAA has completed its compliance evaluation or other work associated with return to service,” the agency said. “The FAA has not made a decision on return to service.”It will take months for the agency to complete new pilot-training standards and issue regulations governing multiple software and hardware changes to the plane. Airline customers have been told that it could come in September if all goes well, though they still have to retrain pilots and perform maintenance on the fleets of planes that have been in storage before they enter service.The FAA added that it will retain the authority of inspecting each new plane to ensure that it meets all federal requirements.In the past, the agency had largely delegated the responsibility to Boeing employees. Last November the agency said its own inspectors would take over that task. Inspections of undelivered planes after the accidents had found numerous instances in which debris from manufacturing had been left in areas such as fuel tanks.The Max was grounded by FAA on March 13, 2019, after most of the rest of the world had already sidelined the plane following the second fatal crash involving a flight-control feature. The crashes — in October 2018 off the coast of Indonesia and in March 2019 near Addis Ababa — killed a total of 346 people.An examination of the software that was driving down the plane’s nose repeatedly as a result of a malfunction prompted the discovery of other issues that required upgrades to improve safety on the plane. Adding redundancy to its flight-control computer took months and late last year Boeing discovered that the way it had installed wiring on the jet didn’t meet federal regulations.The crashes have also prompted a reassessment of how aircraft manufacturers and regulators around the world assume pilots will react to certain emergencies.The certification flights are scheduled to occur over three separate days. The agency, which worked closely with Boeing during the process of revising the plane, has a list of maneuvers that it will demonstrate on the plane to verify that alterations to its system function as designed.Certification flights rarely result in surprises. In this case, devising the revisions to the Max have been one of the most scrutinized processes in history as outside panels of experts advised FAA and regulators in other nations also undertook reviews of the plane.(Updates with details from FAA letter starting in ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Gunmen opened fire outside the Pakistan Stock Exchange in Karachi on Monday. Though the high-profile attack ended without their getting into the building, WSJ’s Saeed Shah explains how it could set back Pakistan’s progress in showing the country is safe for foreign investors. Image: Fareed Khan/AP

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Burger King joins a list of restaurants starting to recover from the worst of the COVID-19 economic downturn.

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(Bloomberg) — Wirecard AG’s collapse has laid bare significant cracks in Germany’s financial oversight, increasing pressure on Chancellor Angela Merkel’s government after one of the country’s biggest corporate failures.Even with ample warning, German authorities failed to catch accounting issues at the digital-payments company. Slow decision-making, insufficient oversight and fragmented responsibilities created cracks that allowed Wirecard’s problems go undetected by officials.Germany is one of relatively few countries to split accounting enforcement between a private-sector watchdog and its markets regulator, while the investigation of money laundering at non-financial companies is handled by regional authorities. With the fallout risking the country’s reputation as a place to do business, the government is now pushing for reform.The financial regulator, known as BaFin, has come under fire for being slow to respond to allegations and temporarily banning short selling of Wirecard stock last year, an unprecedented step that appeared to back Wirecard. But the inefficient delegation of supervision duties helps explain why it failed to dig up problems at the company.The government will cancel its contract with the accounting watchdog, called FREP, a spokesman for the Justice Ministry said on Monday. The contract is set to run another 18 months, according to Bild am Sonntag.The contract cancellation is the first step toward a new financial supervision concept, Kristina Wogatzki, a Finance Ministry spokeswoman, said Monday at a regulator press conference.To consolidate financial enforcement, BaFin will be given the power to start investigations into company accounts, the Financial Times reported on Sunday.“Self-regulation by the auditors doesn’t work properly,” Deputy Finance Minister Joerg Kukies told the FT. The ministry “will inevitably have to question whether the bodies that currently regulate the industry should continue to do so in their current form,” he said.No FeedbackBaFin received documents alleging irregularities at Wirecard in January 2019, yet it took more than a year to ask prosecutors to follow up on suspicions of market manipulation.The regulator asked FREP in February 2019 to investigate, and since made multiple follow-up requests but hadn’t received a report on Wirecard’s accounting, said a spokeswoman for the regulator.FREP assigned just one person to probe Wirecard, according to Frankfurter Allgemeine Sonntagszeitung. The organization didn’t immediately respond to a request for comment.In the meantime, KPMG’s special audit, published in April this year, couldn’t verify much of Wirecard’s historic revenue and profits.Once lauded as one of Germany’s fintech stars, Wirecard filed for insolvency last week after saying that 1.9 billion euros ($2.1 billion) previously reported as cash on its balance sheet probably doesn’t exist.With traditional lenders Deutsche Bank AG and Commerzbank AG struggling with their own problems, the scandal has raised questions over how to rescue Germany’s role in modern finance after Wirecard’s demise.“It is very important to us that the business is saved and a German company can continue to run it,” said Andreas Laemmel, the lead lawmaker for economic affairs in Merkel’s Christian Democratic causcus, told Bloomberg. “But Wirecard’s name cannot persist, it’s burned.”(Updates with Finance Ministry comment in sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Traveling on trains and buses means potential exposure to the coronavirus, so cities are racing to make their public transit systems safe. WSJ explores how things like sanitizing robots, working from home and expanded bike lanes are changing our commutes. Video/Illustration: Jaden Urbi and Zoë Soriano

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